Μετάβαση στο περιεχόμενο
- In 2020, AGCS gross premium written grew by 2.3% to €9.312 billion (12M 2019: €9.101 billion). Main drivers are strong production in Capital Solutions (fronting for Insurance-Linked Securities) as well as effective rate increases of 24% across the AGCS portfolio, with Financial Lines, Property and Aviation achieving highest increases. The premium increase is partly offset by segment exits, underwriting actions and Covid-19 downturn effects.
- The combined ratio for 2020 is at 115.5% (12M 2019: 112.3%), mainly attributed to Covid-19-related claims (€521 million) and a reserve strengthening (€382 million) as a result of a deterioration of prior-year Liability claims, particularly in the United States. Excluding these two adverse developments, the combined ratio for 2020 would be at 98.4%, reflecting portfolio adjustments and rate increases. The expense ratio improved year-on-year, benefitting from the positive topline development and continued focus on costs.
- AGCS’ 12M 2020 operating loss of €482 million (12M 2019: minus €284 million) is €198mn below 2019, driven by lower underwriting result and investment income mainly due to the Covid-19 Pandemic. Excluding the impact from Covid-19, AGCS would have achieved an operating profit of €86 million.
